Because the federal government refused to engage in a subsidy competition to finance the massive costs of new semiconductor fabs, no new leading-edge logic fabs had been built in the United States for over a decade, and no new leading-edge memory fabs for roughly two decades, before the chips Act. Congress passed the chips Act in recognition of this major security vulnerability. But the chips Act is only authorized for five years, expiring in 2027, and it is not at all clear that it will be renewed. Intel’s major capital program to renew the company’s technology position is also facing challenges, including the departure of the CEO who created the program and the arrival of a new one. Maintaining leadership in semiconductors is a long game, and a renewal of financing support for both R&D and future new fab construction will be needed. Additional support for Intel Foundry in both the short- and medium-term horizons has also become a national security issue: there are no real-world alternatives on the table…